Laurel Ltd is a high-volume manufacturer of three standard items of furniture. Production of each item is overseen by its own supervisor. The business has recently invested in manufacturing technology to improve efficiency but is still in the process of finalising new standard costs of production to reflect its new manufacturing capacity. Data related to its last week of production are as follows: Units produced Standard time per unit (Hours) Tables 400 4.0 Chairs 1,000 1.2 Wall units 200 6.0 Actual hours worked 5,600 Standard wages rate per hour 4 Actual wages incurred 20,160 a.Discuss the advantages and disadvantages of variance analysis for Laurel Ltd. (12 marks) b.Calculate the following variances: (6 marks) i.direct labour total variance ii.direct labour rate variance iii.direct labour efficiency variance c.Suggest two likely causes for the direct labour rate variance calculated in (b. ii.) above. (.) (3 marks) d.Suggest two likely causes for the direct labour efficiency variance calculated in (b. iii.) above. (The word count for this question is 100 words.) (3 marks) e.Further variance analysis identifies that Laurel Ltd has a favourable material usage variance for